Adage Capital Partners has acquired 11.4m shares in the US-listed company, a stake equivalent to 5.27% of the company.
Confirmation of the stake came in a recent regulatory filing to the US Securities & Exchange Commission (SEC).
Adage Capital Partners’ stake is worth around $50m based on Pacific Drilling’s share price of $4.41 at the close of trading on Friday.
Shares in pacific Drilling have declined over 55% since mid-September on the back of fears over reduced E&P spending.
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